Mortgage Rates (11/06/2010) and more….

You may be wondering – I just refinanced last year and my current rate is above 5%, does it make sense for me to refinance again?  I know a lower rate will give me a lower payment, but I’m not sure if it’s worth refinancing my mortgage again? Let’s talk numbers so you can make an educated decision…

For example purposes, let’s say you have a $250,000 balance on your loan and your interest rate is 5.375%.  Your current payment (principal and interest) is $1,400. You will pay a total of  $254,000 in interest over the life of the loan. If you were to lock in today’s rates (Our current rates) the grid below gives you an idea of how much you will save on average compared to your current loan terms. These rates are for conforming loan amounts up to $417,000. If you have a high balance loan (Up to $729,750) gives us a call for a rate quote, these rates are pretty close to the conforming rates.

By the way our underwriting turn times are at 5 days compared to 3-4 weeks at big banks!

Current Rates
Loan Program  Monthly Pmyt  Rate  APR  Total Int Paid Int Saved Points
30YF $1230 4.25% 4.37% $192,745 -$61,228 0
20YF $1499 3.875% 4.04% $109,649 -$61,228 0
15YF $1787 3.50% 3.70% $71,697 -$182,276 0
5/1 ARM $1070 3.125% 3.24% $135,537 -$118,436 0
7/1 ARM $1070 3.125% 3.24% $135,537 -$118,436 0


There are a number of ways to make a mortgage refinance work in your financial favor.  Shortening the term or simply lowering your interest rate can result in immediate monthly savings and huge annual interest charge savings.  With so many options and so many different scenarios, its sometimes overwhelming. Give us a call and one of our experts can help and guide you through the process.

If you are in the market to buy a new home, please consider becoming Pre-Approved through Trulending prior to your home search as most Realtors now require a Pre-Approval letter prior to showing any properties.  If you need a knowledgeable Realtor, please call me and I can recommend one of our trusted colleagues who has a strong understanding of today’s complicated market place.

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